Posted at 05 March 2022 / Categories Market Roundups
Market Roundup
•Canada Jan Building Permits (MoM) -8.8%,-1.5% forecast,-1.9% previous
•US Average Hourly Earnings (MoM) 0.0%,0.5% forecast ,0.7% previous
•US Feb U6 Unemployment Rate 7.2%,7.1% previous
•US Feb Participation Rate 62.3%,62.2% previous
•US Labor Productivity (QoQ) (Q4) -0.5%,-0.8% forecast , -1.5% previous
•US Feb Nonfarm Payrolls 678K, 400K forecast ,467K previous
•US Feb Private Nonfarm Payrolls 654K,378K forecast, 444K previous
•US Feb Unemployment Rate 3.8%,3.9% forecast, 4.0% previous
•US Feb Average Hourly Earnings (YoY) (YoY) 5.1%, 5.8% forecast,5.7% previous
•Canada Feb Ivey PMI 60.6, 54.2 forecast, 50.7 previous
•U.S. Baker Hughes Oil Rig Count 519, 522 previous
•U.S. U.S. Baker Hughes Total Rig Count 650,650 previous
Looking Ahead Economic Data
•No data ahead
Looking Ahead - Events, Other Releases (GMT)
•No events ahead
EUR/USD: The euro declined on Friday as worries increased over the impact of the escalating Ukraine-Russia conflict, especially on Europe’s growth outlook. Russian invasion forces seized Europe’s biggest nuclear power plant on Friday. A blaze in a training building was extinguished and officials said the facility was now safe, while combat raged elsewhere in Ukraine in the second week of the assault launched by Russian President Vladimir Putin. The euro fell below $1.10 against the dollar, hitting its weakest level since May 2020. It was last down 1.3% at $1.0923 in its biggest daily percentage decline since March 2020.Immediate resistance can be seen at 1.0959(38.2%fib), an upside break can trigger rise towards 1.1042(50%fib).On the downside, immediate support is seen at 1.0887(Daily low), a break below could take the pair towards 1.0862 (23.6%fib).
GBP/USD: Sterling declined against the dollar on Friday as upbeat US jobs data boosted greenback. Closely watched Labor Department report showed U.S. employment once again jumped by much more than expected in the month of February. The report showed non-farm payroll employment spiked by 678,000 jobs in February after surging by an upwardly revised 481,000 jobs in January.Economists had expected employment to increase by 400,000 jobs compared to the addition of 467,000 jobs originally reported for the previous month. Immediate resistance can be seen at 1.3280(38.2%fib), an upside break can trigger rise towards 1.3445(50%fib).On the downside, immediate support is seen at 1.3200(23.6%fib), a break below could take the pair towards 1.3172(20th Dec 2021 low).
USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Friday as the intensifying war in Ukraine triggered a flight to quality, overshadowing encouraging economic data from the United States, Canada's biggest trade partner. U.S. crude prices settled 7.4% higher at $115.58, the highest since September 2008, as the disruption of Russian exports due to Western sanctions outweighed hopes for more Iranian supply.The loonie was trading 0.4% lower at 1.2735 to the greenback, or 78.52 U.S. cents, after touching its weakest intraday level since Monday at 1.2792. For the week, it was down 0.2%.. Immediate resistance can be seen at 1.2749 (38.2%fib), an upside break can trigger rise towards 1.2812 (23.6%fib).On the downside, immediate support is seen at 1.2690 (50%fib), a break below could take the pair towards 1.2636 (61.8%fib).
USD/JPY: The dollar declined sharply against yen on Friday as investors scrambled for safe-haven assets after Russia attacked a nuclear power plant in Ukraine the largest of its kind in Europe. Russian forces seized a huge nuclear power plant in Ukraine, sparking fears of a potential nuclear disaster.Financial markets have been on edge amid new developments in the bombardment of Ukraine by Russian forces. The dollar was last trading 0.02 percent lower versus the Japanese yen at 115.50 .Strong resistance can be seen at 115.07(38.2%fib), an upside break can trigger rise towards 115.56(23.6%fib).On the downside, immediate support is seen at 114.67(50%fib), a break below could take the pair towards 114.32(61.8%fib).
Equities Recap
European stocks tumbled on Friday, pushing benchmark indices of the major markets to multi-month lows, as investors pressed sales amid rising concerns about growth due to an escalation in geopolitical tensions.
UK's benchmark FTSE 100 closed down by 3.47 percent , Germany's Dax ended down by 4.41 percent, France’s CAC finished the day down by 4.97 percent.
Wall Street ended lower on Friday as the war in Ukraine overshadowed an acceleration in U.S. jobs growth last month that pointed to strength in the economy.
Dow Jones closed down by 0.53 percent, S&P 500 ended down by 0.79 percent, Nasdaq finished the down up by 1.67 percent.
Commodities Recap
Oil surged on Friday, ending the week at multi-year highs as Russia's invasion of Ukraine intensified and oil buyers shunned barrels from the world's second-largest exporter of crude.
Brent futures rose $7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $8.01, or 7.4%, to end at $115.68.
Gold rose on Friday, eyeing its best weekly gain since May 2021, as investors scrambled for safe-haven assets after Russia attacked a nuclear power plant in Ukraine.
Spot gold prices jumped 1.6% to $1,965.97 per ounce and were up about 4% for the week so far. U.S. gold futures settled 1.6% higher at $1,966.60.